Macroeconomics Quiz & Answers Essay example

3091 Words Jul 14th, 2012 13 Pages
Chapter 1 : Introduction to Macroeconomics

1) Which of the following is NOT a topic studied in Macroeconomics?
A) gross domestic product
B) the unemployment rate
C) the price of IBM computers
D) the inflation rate
Answer: C
.
2) Which of the following is a topic studied in Macroeconomics?
A) gross domestic product
B) the wage of auto workers
C) the price of IBM computers
D) the amount of pizza produced
Answer: A

3) Which of the following is a topic studied in Macroeconomics?
A) the functioning of individual industries
B) aggregate behavior of households and industries
C) the behavior of individual households
D) the decision- making behavior of individual business firms
Answer: B

4) Prices that do not always adjust
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D) hyperinflation.
Answer: B

22) Between a trough and a peak, the economy goes through a(n)
A) recession.
B)bust.
C) expansion.
D) hyperinflation.
Answer: C

23) Between a peak and a trough, the economy goes through a(n)
A) expansion.
B) inflation.
C) recession.
D)boom.
Answer: C

24) Unemployment means that
A) at the going wage rate, there are people who want to work but cannot find work.
B) people are not willing to work at the going wage rate.
C) there are some people who will not work at the going wage rate.
D) there is excess demand in the labor market.
Answer: A

25) Unemployment implies that in the labor market
A) there is an excess supply of labor.
B) there is an excess demand for labor.
C) there are too few workers for the jobs available.
D) quantity demanded of labor exceeds quantity supplied.
Answer: A

26) The unemployment rate equals
A) labor force/population.
B) unemployed/employed.
C) (employed- unemployed)/labor force.
D) (labor force - employed) / labor force.
Answer: D

26) if the labor force is 50 million and 48 million are employed then the unemployment rate is:
A) 2%.
B) 4%.
C) 5%.
D) 52%.
Answer: B

27) If 20 million workers are unemployed and 180 million workers are employed, then the nemployment rate is
A) 10%.
B) 11.1%.
C) 18%.
D) 80%.
Answer: A

28) The period in the business cycle from a trough to peak is called a(n)
A) recession.
B) expansion.
C) slump.
D)

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